Harboursandport.com: Lagos - The Senate has approved the sum of N369.04 billion as a budget for the Nigeria Customs Service (NCS), as well as set a total sum of N3,019 trillion revenue target for the Service in 2022.
The budget
approval was sequel to the presentation of the report of the Committee on
Customs, Excise and Tariffs by its Chairman, Senator Francis Alimikhena, All
Progressives Congress (APC), Edo North, and subsequent consideration by the
Senators.
In his presentation, Senator Alimikhena
said that out of the total expenditure of N369.04 billion (NGN) approved for
the NCS in 2022, N108.85 billion is for Personnel cost; N45.89 billion for
Overhead cost; and N214.30 billion for Capital cost.
Giving a highlight
of the NCS budget, he explained that the service in 2022 would implement the
E-Customs project to include the automation of Customs agency licenses and
Vehicle Identification Number.
Alimikhena
who stated that the NCS in collaboration with relevant government agencies
would pursue improved internally generated revenue by implementing the 2021
Finance Act, said that the excise duty
of 6 percent on telecommunication services and N10 per litre on carbonated
drinks is expected to commence fully within the 2022 fiscal year.
He said,
"Out of the N3.019 trillion revenue target, Import Duty of N1,693 trillion;
Excise Duty N161,695 billion; and N3,717 billion on Fees and Penalties are
expected to be remitted to the Federation Account.
"Levies
accruing to the Federation Account include CET Levy - N70,178,545,176.00; Wheat
Flour levy - N837 million; Wheat Grain
levy - N87.4 billion; 100% Rice levy N15 million; and 100% Cigarette
levy - N1.8 million.
"Revenue
accruing to the Non-Federation Account are 7%
Surcharge - N76.17 billion; 5% Sugar levy N12.9 million; 1% CISS - N100,202
million; 0.5% ETLS - N52 billion; 10% Iron/Steel levy - N1 billion; Cement levy
- N1 billion; NESS - N2. billion; 35% Automotive levy - N6.5 billion; and
Import VAT - N746.9 billion."
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